Any ideas on cleaning out all this white crusty stuff? (I don't want to use the wrong chemical and make things worse). Not sure of the metallurgy of this part of the frame (is that zinc corrosion, or, ...?) Clearly there's also rust on the margin release arm, too.

My first thought was to dunk it in the ultrasonic cleaner with just water and see what comes off, then give it a second bath with my usual dilution of Aviation Simple Green.
This is a 1939 Hermes Baby.